Marriot corporation

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Marriot corporation

Founding[ edit ] Henry Silvermana business executive and private equity investor created Hospitality Franchise Systems HFS as a vehicle to acquire a number of hotel franchises in the early s. The company made a brief foray into the casino industry, but then spun off that business in November as National Gaming.

Also inCendant acquired Avis Rent a Car. Accounting Scandal[ edit ] Just months after the merger, in April Cendant uncovered massive accounting improprieties at CUC which resulted in one of the largest financial scandals of the s.

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At the time, Vice Chairman E. As these irregularities in the books of Cendant were discovered in earlyan audit committee set up by Cendant's Board of Directors launched an investigation and discovered that the former management team of CUC, including its top executives Walter Forbes and Kirk Sheltonhad been fraudulently preparing false business statements for several years.

At the time, this fiasco was the largest case of accounting fraud in the country's history. In MarchForbes and Shelton were indicted by a federal grand jury and sued by the Securities and Exchange Commission, which accused the company of directing the massive accounting fraud that ultimately cost the company and its investors billions of dollars.

Shelton served 8 of his year prison sentence before being released early for exemplary behavior. Under Silverman, Cendant bounced back from the accounting scandal far outperforming the markets in the early s.

InCendant purchased Budget Rent a Car.

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It also acquired the Canadian rights. At the time, this was primarily a franchised brand of hotels operating in 26 countries and territories. Breakup[ edit ] On October 23,Cendant Corporation announced its decision to split into four separate companies, citing a necessity to diversify in appealing to stockholders and in an attempt to increase the value of the post-split up company.

This sale closed on August 23, During the autumn ofProgeny Marketing Innovations and Trilegiant were sold to private equity group Apollo Management. They changed their name in January to Affinion Group. On July 31 ofboth the Cendant Real Estate division as well as the Cendant Hospitality division were spun off and became separate companies under the names Realogy and Wyndham Worldwiderespectively.

Realogy was subsequently bought by Apollo. The company changed its name to Avis Budget Group and the Cendant name has been completely retired. Avis and Budget operate a shared fleet of cars, and have the same "back end" system, but operate at different locations, offer different service levels, and have somewhat different pricing.Vitality of Children.

Essential to every community’s long-term stability and success is the vitality of its children. We mobilize our guests and associates to provide support to a select group of nonprofit organizations leading the way in supporting children around the world.

ORLANDO, Fla., April 20, /PRNewswire/ -- Marriott Vacations Worldwide Corporation (NYSE: VAC) will report financial results for the first quarter before the market opens on May 3, A.

The Mansion at Griffin Gate Marriott Resort & Spa is an antebellum mansion in Lexington, Kentucky, perfect for hosting special events and weddings.

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Marriot corporation

Marriott Vacation Club International and the programs and products provided under the Marriott Vacation Club brand are not owned, developed or sold by Marriott International, Inc.

Marriott Vacation Club International uses the Marriott marks under license from Marriott . AAC Arthur Anderson A70 Alaska Airlines A9M All State Motor Club - Thursday-Sunday ACC Accenture ACS Affiliated Computer Services ADP advance purchase rateADV AET Aetna AFI American Family Insurance AIG American International Group ALL Allstate AMX American Express AOL American Online APP Applied Materials APL Apple.

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